How should one effectively use time at software conferences?

Question

Microsoft (through the Student Insider program) has generously flown me out to Microsoft TechEd North America 2011. It seems like the website suggests that one should just make a schedule of the interesting talks, and that's that. However, it seems like several people don't spend much time in the talks and spend the time "networking" (the people kind, not the software kind) instead.

How should one maximize the effectiveness of their time at software conferences?